# ZERIA PHARMCEUTICAL CO., LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第72期(2025/04/01－2026/03/31) (S100YKC2)
> Page: https://vizora.meequs.com/en/company/zeria-pharmceutical
> Retrieved: 2026-09-30T17:56:52.891Z

## Company

Zeria Pharmceutical, founded in 1955, is a company in Non-life Insurance listed on TSE Prime. It has 1,748 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ZERIA PHARMACEUTICAL CO., LTD. |
| Ticker | 4559 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4559.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋小舟町10番11号 |
| Representative (per filing) | 代表取締役社長 伊部充弘 |
| Founded | Dec 1955 |
| Share capital | ¥6.59B |
| Employees (consolidated) | 1,748 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.zeria.co.jp (https://www.zeria.co.jp/) |
| Corporate number | 7010001034790 |
| EDINET | E00948 |
| Industries (Vizora) | Non-life Insurance, Pharmaceuticals, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YKC2, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.1 | 18 |
| Profitability | 88.6 | 22 |
| Cash conversion | 47.2 | 18 |
| Efficiency | 35.9 | 32 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 69% of Zeria Pharmceutical's sales come from Ethical drug business, with Consumer Health Care business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +2.1% from the prior year, operating profit +1.4%.

## Company structure

- Segment revenue mix: Ethical drug business 69.1%、Consumer Health Care business 30.7%、Other 0.2%
- Revenue → net income: ¥89159262000 → ¥8417139000
- Net income → operating cash flow: ¥8417139000 → ¥9955621000（difference ¥1538482000）
- Main uses of operating cash flow: CapEx ¥2895736000 / dividends ¥2109398000 / buybacks ¥258000
- Change in cash: ¥4167350000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥89.2B |  |
| Operating income | ¥12.4B | Margin 13.9% |
| Net income | ¥8.45B | Margin 9.5% |
| Free cash flow | ¥7.06B |  |
| Largest business | Ethical drug business | of segment revenue 69.1% |
| Employees (consolidated) | 1,748 |  |
| EPS | ¥67.46 |  |
| Book value per share | ¥971.78 |  |
| Equity ratio | 60.3% |  |
| Shares outstanding | 50,119,190 |  |
| Treasury shares | 6,039,700 |  |
| Shareholders | 15,999 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 15.4% | Cash ÷ revenue 31.0% |
| Vs. industry median margin | +6.7 pp | Pharmaceuticals |
| ROE | 12.0% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 65% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥52757184000 | ¥89159262000 | +69.0% |
| Operating income | ¥3475716000 | ¥12374444000 | +256.0% |
| Operating margin | 6.6% | 13.9% | +7.3 pp |
| Employees | 1,690 people | 1,748 people | +3.4% |
| Cash and equivalents | ¥9668938000 | ¥27635027000 | +185.8% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 医療用医薬品事業 → 医療用医薬品事業 | 56.8% |
| コンシューマーヘルスケア事業 → コンシューマーヘルスケア事業 | 30.7% |
| コンシューマーヘルスケア事業 → 事業再編・廃止 | 12.2% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 医療用医薬品事業 | 12.3% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Ethical drug business | 5 years | +15.5% | ¥61625839000 | 19.8% | 2 |
| Consumer Health Care business | 5 years | +3.9% | ¥27382499000 | 23.2% | 2 |
| Other | 5 years | -0.8% | ¥150923000 | 133.2% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 89,159 | 100.0% | S100YKC2 |
| Cost of revenue | 23,977 | 26.9% | S100YKC2 |
| Gross profit | 65,183 | 73.1% | S100YKC2 |
| SG&A | 52,808 | 59.2% | S100YKC2 |
| Operating income | 12,374 | 13.9% | S100YKC2 |
| Ordinary income | 11,043 | 12.4% | S100YKC2 |
| Pretax income | 11,200 | 12.6% | S100YKC2 |
| Income tax | 2,783 | 3.1% | S100YKC2 |
| Net income | 8,417 | 9.4% | S100YKC2 |
| Net income attributable to owners | 8,455 | 9.5% | S100YKC2 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 27 |
| SG&A | 59 |
| Operating income | 14 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 73.1% → Operating margin 13.9% → Net margin 9.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.1%; Core profit growth: +1.4%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.69×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 87,311 | 89,159 | 1,848 | +2.1% |
| Gross profit | 63,960 | 65,183 | 1,223 | +1.9% |
| Operating income | 12,198 | 12,374 | 177 | +1.4% |
| Net income attributable to owners | 9,936 | 8,455 | -1,482 | -14.9% |
| Operating cash flow | 12,922 | 9,956 | -2,966 | -23.0% |
| Free cash flow | 10,188 | 7,060 | -3,128 | -30.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 60,427 | 4,095 | 6.8% | 2,925 | 7,251 | 5,978 | S100LRRP |
| FY ending Mar 2021 | 52,757 | 3,476 | 6.6% | 3,143 | 6,894 | -9,238 | S100OJZ3 |
| FY ending Mar 2022 | 59,533 | 6,366 | 10.7% | 3,961 | 8,951 | 7,530 | S100R8IH |
| FY ending Mar 2023 | 68,383 | 9,015 | 13.2% | 6,196 | 13,157 | 10,500 | S100TWC6 |
| FY ending Mar 2024 | 75,725 | 9,622 | 12.7% | 7,731 | 12,184 | 8,285 | S100W62E |
| FY ending Mar 2025 | 87,311 | 12,198 | 14.0% | 9,936 | 12,922 | 10,188 | S100YKC2 |
| FY ending Mar 2026 | 89,159 | 12,374 | 13.9% | 8,455 | 9,956 | 7,060 | S100YKC2 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51M |
| Operating income per employee (consolidated) | ¥7.1M |
| Net income per employee (consolidated) | ¥4.8M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,737 | 1,729 | 1,777 | 1,746 | 1,748 |
| Average salary (parent company) | ¥7.1M | ¥7.7M | ¥7.7M | ¥7.5M | ¥8M |
| Average age (parent company) | 42.9 years | 43.7 years | 44.5 years | 44.9 years | 42.7 years |
| Average tenure (parent company) | 16.7 years | 17.0 years | 17.3 years | 16.9 years | 18.0 years |

Year over year: Employees (consolidated) +0.1% · Revenue (consolidated) +2.1%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Ethical drug business | 61,626 | 69.1% | 12,176 | 19.8% |
| Consumer Health Care business | 27,382 | 30.7% | 6,360 | 23.2% |
| Other | 151 | 0.2% | 201 | 133.2% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Ethical drug business | 69.1% | 65.0% | -4.1 | 19.8% |
| Consumer Health Care business | 30.7% | 33.9% | 3.2 | 23.2% |
| Other | 0.2% | 1.1% | 0.9 | 133.2% |

Segment → industry: Other → Non-life Insurance / Consumer Health Care business → Pharmaceuticals / Ethical drug business → Pharmaceuticals / Other → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 9,956 | 11.2% | S100YKC2 |
| Capital expenditure | 2,896 | 3.2% | S100YKC2 |
| Free cash flow | 7,060 | 7.9% | 算出 |
| Investing cash flow | -2,702 | -3.0% | S100YKC2 |
| Financing cash flow | -5,933 | -6.7% | S100YKC2 |
| Dividends paid | 2,109 | 2.4% | S100YKC2 |
| Share buyback | 0 | 0.0% | S100YKC2 |
| Change in cash | 4,167 | 4.7% | S100YKC2 |
| Cash and equivalents | 27,635 | 31.0% | S100YKC2 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 11,579 | 16,094 | 18,604 | 23,468 | 27,635 | S100TWC6, S100W62E, S100YKC2 |
| Total assets | 124,282 | 135,035 | 150,534 | 159,172 | 179,698 | S100R8IH, S100TWC6, S100W62E, S100YKC2 |
| Net assets | 55,092 | 65,681 | 79,829 | 89,797 | 108,605 | S100TWC6, S100W62E, S100YKC2 |
| Share capital | 6,593 | 6,593 | 6,593 | 6,593 | 6,593 | S100R8IH, S100TWC6, S100W62E, S100YKC2 |
| Property, plant and equipment | 23,139 | 24,591 | 26,518 | 26,641 | 27,599 | S100R8IH, S100TWC6, S100W62E, S100YKC2 |
| Intangible assets excluding goodwill | 41,206 | 41,931 | 43,140 | 40,362 | 39,582 | S100R8IH, S100TWC6, S100W62E, S100YKC2 |
| Goodwill | 5,830 | 5,300 | 4,263 | 3,621 | 3,028 | S100R8IH, S100TWC6, S100W62E, S100YKC2 |
| Investment securities | 7,006 | 6,849 | 9,145 | 8,866 | 10,112 | S100R8IH, S100TWC6, S100W62E, S100YKC2 |
| Current assets | 41,664 | 48,204 | 57,809 | 69,530 | 82,647 | S100R8IH, S100TWC6, S100W62E, S100YKC2 |
| Current liabilities | 44,193 | 47,158 | 54,518 | 54,449 | 55,708 | S100R8IH, S100TWC6, S100W62E, S100YKC2 |
| Short-term borrowings | 33,843 | 34,890 | 38,284 | 34,298 | 33,834 | S100R8IH, S100TWC6, S100W62E, S100YKC2 |
| Long-term borrowings | 18,386 | 14,541 | 7,944 | 6,866 | 5,270 | S100R8IH, S100TWC6, S100W62E, S100YKC2 |
| Total liabilities | 69,190 | 69,354 | 70,705 | 69,375 | 71,093 | S100R8IH, S100TWC6, S100W62E, S100YKC2 |
| Non-controlling interests | 198 | 231 | 206 | 257 | 208 | S100R8IH, S100TWC6, S100W62E, S100YKC2 |
| Equity attributable to owners of parent | 49,546 | 53,476 | 59,267 | 67,219 | 73,555 | S100R8IH, S100TWC6, S100W62E, S100YKC2 |
| Retained earnings | 48,861 | 53,463 | 59,254 | 67,207 | 73,546 | S100R8IH, S100TWC6, S100W62E, S100YKC2 |
| Treasury stock | -17,593 | -18,265 | -18,266 | -18,266 | -12,205 | S100R8IH, S100TWC6, S100W62E, S100YKC2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YKC2 |
| Property, plant and equipment | 15% | S100YKC2 |
| Intangibles and goodwill | 24% | S100YKC2 |
| Investment securities | 6% | S100YKC2 |
| Other assets | 40% | S100YKC2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100YKC2 |
| Equity | 60% | S100YKC2 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 124,282 | 135,035 | 150,534 | 159,172 | 179,698 |
| Equity | 55,092 | 65,681 | 79,829 | 89,797 | 108,605 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,579 | 16,094 | 18,604 | 23,468 | 27,635 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 31.0% | S100YKC2 |
| Fixed assets ÷ total assets | 15.4% | S100YKC2 |
| Goodwill ÷ parent equity | 4.1% | S100YKC2 |

Goodwill over 4 years: 5,830 → 3,028 JPY; total investing cash flow: -13,172 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 15.4% |
| Cash ÷ revenue | 31.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 80.5% |
| Cash vs. profit gap | 1,501 JPY mn (of net income 17.8%) |
| Shareholder returns / net income | 25.0% |
| Shareholder returns / FCF | 29.9% |
| Shareholder payments — dividends / net income | 24.9% |
| Shareholder payments — dividends / FCF | 29.9% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 27.1% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 6.7% | 0.48× | 3.2% | 2.51× | 8.0% | S100R8IH |
| 2023 | 9.1% | 0.53× | 4.8% | 2.52× | 12.0% | S100TWC6 |
| 2024 | 10.2% | 0.53× | 5.4% | 2.53× | 13.7% | S100W62E |
| 2025 | 11.4% | 0.56× | 6.4% | 2.45× | 15.7% | S100YKC2 |
| 2026 | 9.5% | 0.53× | 5.0% | 2.41× | 12.0% | S100YKC2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社伊部 | Major shareholder | 12.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行 株式会社（信託口） | Major shareholder | 7.3% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 伊 部 幸 顕 | Major shareholder | 3.6% | 2026-03-31 |
| 森永乳業株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.2% | 2026-03-31 |
| 三井住友カード株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| キッセイ薬品工業株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| ゼリア新薬工業従業員持株会 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第72期(2025/04/01－2026/03/31) | S100YKC2 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKC2,, |
| 有価証券報告書－第71期(2024/04/01－2025/03/31) | S100W62E | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W62E,, |
| 有価証券報告書－第70期(2023/04/01－2024/03/31) | S100TWC6 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWC6,, |
| 有価証券報告書－第69期(2022/04/01－2023/03/31) | S100R8IH | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8IH,, |
| 有価証券報告書－第68期(令和3年4月1日－令和4年3月31日) | S100OJZ3 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJZ3,, |
| 有価証券報告書－第67期(令和2年4月1日－令和3年3月31日) | S100LRRP | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRRP,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).